柳药集团：前三季度净利润6.46亿元，同比下降9.81%

Core Viewpoint - Liu Pharmaceutical Group (603368) reported a decline in net profit for the third quarter of 2025, indicating challenges in the pharmaceutical wholesale business due to policy impacts on drug sales and profit margins [1] Financial Performance - The company's third-quarter revenue reached 5.457 billion yuan, representing a year-on-year increase of 1.99% [1] - Net profit for the third quarter was 216 million yuan, showing a year-on-year decrease of 14.02% [1] - For the first three quarters of 2025, total revenue was 15.758 billion yuan, reflecting a year-on-year decline of 1.47% [1] - Net profit for the first three quarters was 646 million yuan, down 9.81% year-on-year [1] Business Challenges - The pharmaceutical wholesale business, which constitutes a significant portion of the company's revenue, has been adversely affected by centralized procurement and hospital drug usage ratio controls [1] - There has been a phase of decline in hospital drug sales, influenced by the aforementioned policies [1] - The low gross margins on centralized procurement products have negatively impacted sales and profit margins, leading to a decrease in both revenue and net profit [1]